§ A1-1. School system capital improvement program.

(a)

Capital improvement program. The district school board of Marion County may institute a capital improvement program for the school system of Marion County, and may carry out such other purposes appurtenant or incidental thereto as are determined by the board to be in the best interests of the school district.

(b)

Bonds. The school board may issue bonds, notes, or other evidences of indebtedness, which together with the refunding bonds authorized by section A1-1(c) are collectively called the "bonds," from time to time in one or more series, in an aggregate principal amount sufficient to pay all or any portion of the cost of a project described in section A1-1(h). The bonds may be in coupon form registrable as to principal only or principal and interest or in fully registered form and may be in such denomination and may bear such rate or rates of interest and may mature at a date or dates not exceeding forty (40) years from their respective dates of issuance, all as may be determined by the school board prior to their issuance. The bonds may be made redeemable before maturity, at the option of the school board, at such price or prices and under such terms and conditions as may be fixed by the school board prior to their issuance. The school board shall determine the place or places of payment of the principal of and interest on the bonds, which may be at any bank or trust company within or without this state. The school board may select a trustee, which may be a bank or trust company within or without this state, and may enter into a trust agreement with such trustee to provide for the rights of the holders of the bonds. The bonds must be signed either by manual or facsimile signatures of the chairman and secretary of the school board, but the bonds must bear at least one signature that is manually executed thereon; and the coupons, if any, attached to the bonds must bear the facsimile signatures of such officers. The bonds must have the seal of the school board affixed, imprinted, reproduced, or lithographed thereon, all as may be prescribed in the resolution authorizing the issuance thereof. The bonds may be sold at public or private sale at such price or prices and upon such conditions as the school board determines to be in the best interest of the school district.

(c)

Refunding bonds. Subject to the limitations contained in section A1-1(b), the school board may issue bonds to refund all or any series or any maturity of any outstanding bonds issued under this act [section] and all or any series or any maturity of any outstanding certificates of the school board issued under this act [section] and payable from the racetrack funds, jai alai fronton funds, or any other funds described in section Al-l(d). The refunding bonds may be issued in an amount sufficient to pay:

(1)

The principal of the outstanding certificates or bonds;

(2)

The interest due and payable on the outstanding certificates or bonds to and including the first date upon which the outstanding certificates or bonds are callable prior to maturity, or the dates upon which the principal thereof matures;

(3)

The redemption premium, if any, on the outstanding certificates or bonds; and

(4)

Any expenses of the issuance and sale of the refunding bonds as are described in section A1-1(h).

(d)

Security for bonds. The amounts of principal, premiums, if any, and interest on the bonds must be payable solely from the portion of the racetrack funds and jai alai fronton funds accruing annually to Marion County under chapter 550 or chapter 551, Florida Statutes, and allocated by law to the school board or from any other funds of the school board legally available therefor.

(e)

Referendum. A referendum or election of the qualified electors in the school district is not required for the exercise of any provision of this act [section], unless such referendum or election is required by the State Constitution.

(f)

Investment of bond proceeds. The school board may invest the proceeds of the bonds in such manner and in such obligations as are permitted by law.

(g)

Bonds are legal investments. The bonds are legal investments for any state, county, municipal, or other public funds; for any bank, savings bank, trustee, executor, or guardian; and for any trust or fiduciary funds whatsoever. The bonds are also legal securities that may be deposited by any bank or trust company for the security of state, county, municipal, or other public funds.

(h)

Cost of a project. The cost of a project includes, but is not limited to, the cost of acquisition, construction, installation, and equipping of any capital improvement, including the cost of land; all legal, engineering, fiscal, and architectural fees and fees of any other experts or consultants employed by the school board; engineering or architectural studies, surveys, plans, and designs; the expense of the issuance, authorization, and sale of the bonds, including advertisement, notices, and other proceedings in connection therewith; the capitalization of interest for one year after completion of the project; the creation and capitalization of reasonable reserves for debt service on the bonds; bond discount, if any; the premiums for policies of municipal bond insurance; and such other costs as are necessary, incidental, or appurtenant to the purposes authorized in this act [section].

(i)

Covenant with bondholders. The legislature does hereby covenant with the holders of the bonds issued under this act [section] that it will not enact any law which will impair in any manner the rights or such holders or the security of the racetrack funds or jai alai fronton funds or any other funds that may be pledged to the payment of the principal of and interest on such bonds.

(j)

Bond anticipation notes. The school board may, if it determines it to be in the best financial interest of the school district, issue bond anticipation notes in order to temporarily finance the cost of a project that are authorized in section A1-1(h). The school board shall, by proper proceeding, authorize the issuance and the retirement of bond anticipation notes pursuant to the provisions of section 215.431, Florida Statutes.

(k)

Negotiability of bonds. Bonds issued under this act [section] are negotiable instruments under the laws of this state.

(Laws of Fla., Ch. 86-375, §§ 1—11)

Editor's note

Ch. 86-375, Laws of Fla., §§ 1—11, have been included as § A1-1 herein. The catchline was supplied by the editor. Internal references have been made to conform to section designations hereof.